Burlington Town Center, the 230,000-square-foot Church Street shopping mall, is being sold to New York City real-estate investment firm with Vermont ties, two sources tell Seven Days.
Both persons requested anonymity because neither the prospective buyer, Devonwood Investors, nor the seller, Chicago-based General Growth Properties, has announced the deal, which is scheduled to close on December 15.
Mayor Miro Weinberger said in an interview this weekend that he could not provide details on the transaction, including its price, because “it needs to be understood as preliminary.” The purchasers have “not put forward a detailed plan of what they intend to do,” the mayor added.
Weinberger did say that one of the principals in the deal “has spent a considerable amount of time in Burlington.”
Got something to say?
Send a letter to the editor and we'll publish your feedback in print!
I can’t wait to hear what they have in mind for the city. Between this and the Handy’s purchase of the Burlington Free Press properties, we should be seeing a real revitalization of the Church street market area.